\appendix
\section{Tables of  Estimation Results}
\label{app:C}

\begin{table}[h]\centering
\begin{tabular}{l  l  l}
\hline
\hline 
\multicolumn{1}{l}
{\textbf{Variable}}
 & {\textbf{Coefficient}}  & \textbf{(Std. Err.)}\\
 \hline
$E_{i,t-1}$      &0.88241&	0.0056054$^{***}$\\	  
$E_{i,t-2}$      &  0.1005518  & 0.0056067$^{***}$  \\		
$wells_{it}$    &15.86961  &  5.586163$^{**}$\\
$wells_{i,t-1}$  & -.8539942  &  5.714926 \\
$wells_{i,t-2}$  & -15.90933 &  5.853195$^{**}$  \\
$wells_{i,t-3}$  &  -8.917589 &  5.964613   \\
$wells_{i,t-4}$  &  14.38985  & 5.922299 $^{*}$   \\
$wells_{i,t-5}$  &   4.476252 &  5.851388 \\
$wells_{i,t-6}$  &  3.622863 &  5.794333 \\
\hline
$wcap_{it}$     &  -9.00e-06&	0.0000248\\
$wcap_{i,t-1}$  &  -0.0000184&	0.0000243\\
$wcap_{i,t-2}$  & 0.0000239  &	0.0000237\\
$wcap_{i,t-3}$  &  0.0000107&	0.0000236 \\
$wcap_{i,t-4}$  &  0.0000242&	0.0000237 \\
$wcap_{i,t-5}$  &  -0.0000129&	0.0000243 \\
$wcap_{i,t-6}$  &  -9.63e-06&	0.0000249  \\
\hline
\multicolumn{3}{l}{\textsuperscript{***}$p<0.001$, 
  \textsuperscript{**}$p<0.01$, 
  \textsuperscript{*}$p<0.05$} \\
\hline
\hline
\end{tabular}
\caption{GMM Estimation Results, $p = 2$, $q = 6$}
 \label{table:GMM_results}
\end{table}

\begin{table}[h]
   \centering
   \begin{tabular}{|l|c|c|c|c|}  
     \hline
\multicolumn{5}{|l|}{SAR Coefficients:}\\
\hline
      & Estimate &Std. Error &t-value &Pr$(>|t|)$\\
\hline
$\rho$ &0.1730 &0.0081 &21.43   &$<2e-16^{***}$\\
wells  &224.72 &12.99 &17.29   &$<2e-16^{***}$\\
newcap &0.05 &6.366 &0.0079   &0.9937    \\
\hline
\multicolumn{5}{|l|}{SEM Coefficients:} \\
\hline    
$\lambda$   & 0.1734 &0.0081 &21.42   &$<2e-16^{***}$\\
wells  &235.81 &13.63 &17.30   &$<2e-16^{***}$\\
newcap &0.47 &6.374  &0.704   &0.4814   \\
\hline 
\multicolumn{5}{|l|}{Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1 } \\
\hline
  \end{tabular}
  \caption{Spatial interaction effects on employment}
  \label{tab:sp_effects_emp}
\end{table}


\begin{table}[h]
   \centering
   \begin{tabular}{|l|c|c|c|c|}
     \hline
\multicolumn{5}{|l|}{SAR Coefficients:}\\
\hline
      & Estimate &Std. Error &t-value &Pr$(>|t|)$\\
\hline
$\rho$ &0.26 &0.01 &33.88   &$<2e-16^{***}$\\
wells  &0.18 &0.09 &2.04   &$0.0412^{*}$\\
newcap &0.06 &0.04 &1.51   &0.1319    \\
\hline
\multicolumn{5}{|l|}{SEM Coefficients:} \\
\hline    
$\lambda$   & 0.26 &0.01 &33.87   &$<2e-16^{***}$\\
wells  &0.12 &0.09 &1.27   &0.20\\
newcap &0.07 &0.04 &1.60   &0.11   \\
\hline
\multicolumn{5}{|l|}{Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1 } \\
\hline
  \end{tabular}
  \caption{Spatial interaction effects on wage}
  \label{tab:sp_effects_wage}
\end{table} 

\begin{table}[h]\centering
\begin{tabular}{l l l l l}
\hline
\hline 
{\textbf{Variable}}&{\textbf{Coefficient}}
 & {\textbf{Robust SE.}}  & \textbf{t-value} & \textbf{$Pr(>|t|)$}\\
 \hline
$wells_{t}$  &  0.030579 &  0.112459 & 0.2719 & 0.785688    \\
$wells_{t-1}$  & -0.013512 &  0.149363 &-0.0905 & 0.927917    \\
$wells_{t-2}$  &  0.105605 &  0.160727 & 0.6570 & 0.511159    \\
$wells_{t-3}$  &  0.128526 &  0.159170 & 0.8075 & 0.419399    \\
$wells_{t-4}$  &  0.310342 &  0.132325 & 2.3453 & 0.019018 *  \\
$wells_{t-5}$  &  0.040933 &  0.119525 & 0.3425 & 0.732003    \\
$wells_{t-6}$  &  -0.022280&  0.128208 &-0.1738 & 0.862040    \\
$wells_{t-7}$  &  0.057849 &  0.121926 & 0.4745 & 0.635176    \\
$wells_{t-8}$  &   0.268792&  0.137164 & 1.9596 & 0.050047 .  \\
$wells_{t-9}$  &  0.297772 &  0.133959 & 2.2229 & 0.026232 *  \\
$wells_{t-10}$ &  0.180401 &  0.108571 & 1.6616 & 0.096603 .  \\
$wells_{t-11}$ & -0.121860 &  0.155113 &-0.7856 & 0.432095    \\
$wells_{t-12}$ & -0.014441 &  0.144573 &-0.0999 & 0.920434    \\
$wcap_{t}$ & -0.020312 &  0.022022 &-0.9224 & 0.356349    \\
$wcap_{t-1}$ & -0.079381 &  0.039836 &-1.9927 & 0.046304 *  \\
$wcap_{t-2}$ & -0.075806 &  0.057576 &-1.3166 & 0.187978    \\
$wcap_{t-3}$ & -0.064414 &  0.053879 &-1.1955 & 0.231889    \\
$wcap_{t-4}$ & -0.089130 &  0.058455 &-1.5248 & 0.127325    \\
$wcap_{t-5}$ & -0.053716 &  0.051733 &-1.0383 & 0.299123    \\
$wcap_{t-6}$ & -0.017880 &  0.041650 &-0.4293 & 0.667710    \\
$wcap_{t-7}$ & -0.022297 &  0.065829 &-0.3387 & 0.734828    \\
$wcap_{t-8}$ &  0.004571 &  0.056724 & 0.0806 & 0.935773    \\
$wcap_{t-9}$ &  0.025598 &  0.058720 & 0.4359 & 0.662890    \\
$wcap_{t-10}$ & 0.134719 &  0.058776 & 2.2921 & 0.021907 *  \\
$wcap_{t-11}$ & 0.136272 &  0.042045 & 3.2411 & 0.001192 ** \\
$wcap_{t-12}$ & 0.102829 &  0.035770 & 2.8748 & 0.004046 ** \\
\hline
\multicolumn{5}{l}{\textsuperscript{***}$p<0.001$, 
  \textsuperscript{**}$p<0.01$, 
  \textsuperscript{*} $p<0.05$, \textsuperscript{.} $p<0.1$} \\
\hline
\hline
\end{tabular}
\caption{FD estimation results with robust se. on wage, $q = 12$}
 \label{table:FDwage}
\end{table}

% \begin{center}
% \begin{longtable}{l D{)}{)}{11)3} @{}}
% \caption{FD estimation results, $p=19$ } \label{table:jobfdfull} \endfirsthead
% \toprule
%                     & \multicolumn{1}{c}{coefficients} \\
% \midrule
% intercept         & 41.94 \; (9.25)^{***}    \\
% $wells_{t}$   & 15.75 \; (5.55)^{**}     \\
% $wells_{t-1}$   & 10.72 \; (6.84)          \\
% $wells_{t-2}$   & -0.62 \; (7.19)          \\
% $wells_{t-3}$   & -2.54 \; (7.29)          \\
% $wells_{t-4}$   & 16.61 \; (7.33)^{*}      \\
% $wells_{t-5}$   & 23.95 \; (7.41)^{**}     \\
% $wells_{t-6}$   & 32.34 \; (7.50)^{***}    \\
% $wells_{t-7}$   & 13.71 \; (7.55)^{\cdot}  \\
% $wells_{t-8}$   & -8.39 \; (7.56)          \\
% $wells_{t-9}$   & 3.39 \; (7.61)           \\
% $wells_{t-10}$  & 17.29 \; (7.68)^{*}      \\
% $wells_{t-11}$  & 4.94 \; (7.74)           \\
% $wells_{t-12}$  & 5.65 \; (7.80)           \\
% $wells_{t-13}$  & -3.27 \; (7.91)          \\
% $wells_{t-14}$  & -14.27 \; (8.02)^{\cdot} \\
% $wells_{t-15}$  & -20.25 \; (8.12)^{*}     \\
% $wells_{t-16}$  & -4.57 \; (8.20)          \\
% $wells_{t-17}$  & 22.75 \; (8.21)^{**}     \\
% $wells_{t-18}$  & 26.76 \; (7.89)^{***}    \\
% $wells_{t-19}$  & 13.14 \; (6.49)^{*}      \\
% $newcap_{t-0}$  & -1.05 \; (1.36)          \\
% $newcap_{t-1}$  & -1.19 \; (1.90)          \\
% $newcap_{t-2}$  & -1.31 \; (2.26)          \\
% $newcap_{t-3}$  & -0.90 \; (2.54)          \\
% $newcap_{t-4}$  & -0.71 \; (2.78)          \\
% $newcap_{t-5}$  & -0.74 \; (2.93)          \\
% $newcap_{t-6}$  & -1.39 \; (3.02)          \\
% $newcap_{t-7}$  & -1.50 \; (3.09)          \\
% $newcap_{t-8}$  & -1.41 \; (3.13)          \\
% $newcap_{t-9}$  & -0.79 \; (3.15)          \\
% $newcap_{t-10}$ & -0.89 \; (3.15)          \\
% $newcap_{t-11}$ & -0.51 \; (3.11)          \\
% $newcap_{t-12}$ & -0.59 \; (3.06)          \\
% $newcap_{t-13}$ & -0.94 \; (2.98)          \\
% $newcap_{t-14}$ & -0.80 \; (2.87)          \\
% $newcap_{t-15}$ & -0.22 \; (2.73)          \\
% $newcap_{t-16}$ & -0.32 \; (2.50)          \\
% $newcap_{t-17}$ & 0.01 \; (2.21)           \\
% $newcap_{t-18}$ & -0.25 \; (1.87)          \\
% $newcap_{t-19}$ & 0.01 \; (1.35)           \\
% \midrule
% R$^2$               & 0.00                     \\
% Adj. R$^2$          & 0.00                     \\
% Num. obs.           & 28448                    \\
% \bottomrule
% \vspace{-3mm}\\
% \multicolumn{2}{l}{\textsuperscript{***}$p<0.001$, 
%   \textsuperscript{**}$p<0.01$, 
%   \textsuperscript{*}$p<0.05$, 
%   \textsuperscript{$\cdot$}$p<0.1$}
% \end{longtable}
% \end{center}



% \begin{center}
% \begin{longtable}{l D{)}{)}{11)3} @{}}
% \caption{FD-GLS estimation results, $p=19$}
% \label{table:jobglsfull} \endfirsthead
% \toprule
%                     & \multicolumn{1}{c}{coefficients} \\
% \midrule
% intercept         & 26.89 \; (1.676)^{***}    \\
% $wells_{t}$   & 11.76 \; (0.255)^{**}     \\
% $wells_{t-1}$   & 9.108 \; (0.301)^{***}          \\
% $wells_{t-2}$   & 1.238 \; (0.302)^{***}          \\
% $wells_{t-3}$   & -0.930 \;(0.302)^{**}          \\
% $wells_{t-4}$   & 12.83\; (0.301)^{***}    \\
% $wells_{t-5}$   & 17.45 \; (0.320)^{***}     \\
% $wells_{t-6}$   & 23.64 \; (0.347)^{***}    \\
% $wells_{t-7}$   & 10.40 \; (0.325)^{***}  \\
% $wells_{t-8}$   & -5.177 \; (0.313)^{***}          \\
% $wells_{t-9}$   & 3.215 \; (0.309)  ^{***}         \\
% $wells_{t-10}$  & 13.05 \; (0.345)^{***}      \\
% $wells_{t-11}$  & 3.915 \; (0.330) ^{***}          \\
% $wells_{t-12}$  & 3.510 \; (0.338) ^{***}          \\
% $wells_{t-13}$  & -2.007 \; (0.338) ^{***}         \\
% $wells_{t-14}$  & -9.064 \; (0.353)^{***} \\
% $wells_{t-15}$  & -13.57 \; (0.368)^{***}     \\
% $wells_{t-16}$  & -3.859 \; (0.351) ^{***}         \\
% $wells_{t-17}$  & 16.84 \; (0.360) ^{***}  \\
% $wells_{t-18}$  & 19.63 \; (0.350)^{***}    \\
% $wells_{t-19}$  & 9.708 \; (0.288) ^{***}     \\
% $newcap_{t-0}$  & -0.586 \; (0.057) ^{***}         \\
% $newcap_{t-1}$  & -0.767 \; (0.081) ^{***}         \\
% $newcap_{t-2}$  & -0.767 \; (0.095) ^{***}         \\
% $newcap_{t-3}$  & -0.520\; (0.107) ^{***}         \\
% $newcap_{t-4}$  & -0.455 \; (0.116) ^{***}         \\
% $newcap_{t-5}$  & -0.445\; (0.118)  ^{***}        \\
% $newcap_{t-6}$  & -0.728 \; (0.122)  ^{***}        \\
% $newcap_{t-7}$  & -0.821 \; (0.126)  ^{***}        \\
% $newcap_{t-8}$  & -0.733 \; (0.127) ^{***}         \\
% $newcap_{t-9}$  & -0.341 \; (0.129)   ^{**}       \\
% $newcap_{t-10}$ & -0.302 \; (0.128)  ^{*}        \\
% $newcap_{t-11}$ & -0.159 \; (0.124)          \\
% $newcap_{t-12}$ & -0.267 \; (0.120)^{*}          \\
% $newcap_{t-13}$ & -0.490\; (0.116) ^{***}         \\
% $newcap_{t-14}$ & -0.381 \; (0.111) ^{***}         \\
% $newcap_{t-15}$ & -0.111 \; (0.110)          \\
% $newcap_{t-16}$ & -0.128 \; (0.102)          \\
% $newcap_{t-17}$ & 0.0004 \; (0.092)           \\
% $newcap_{t-18}$ & -0.077 \; (0.079)          \\
% $newcap_{t-19}$ & 0.026 \; (0.060)           \\
% \midrule
% R$^2$               & 0.00                     \\
% Adj. R$^2$          & 0.00                     \\
% Num. obs.           & 28448                    \\
% \bottomrule
% \vspace{-3mm}\\
% \multicolumn{2}{l}{\textsuperscript{***}$p<0.001$, 
%   \textsuperscript{**}$p<0.01$, 
%   \textsuperscript{*}$p<0.05$, 
%   \textsuperscript{$\cdot$}$p<0.1$}
% \end{longtable}
% \end{center}

% \begin{center}
% \begin{longtable}{l D{.}{.}{5.5} @{}D{.}{.}{5.5} @{}}
% \caption{Comparison of ADL and FDL coefficients}
% \label{table:ADLfull} \endfirsthead
% \toprule
%                     & \multicolumn{1}{c}{FDL coefficients estimated by FD} & \multicolumn{1}{c}{ADL coefficients estimated by FE} \\
% \midrule
% intercept         & 41.94^{***}    &               \\
%                     & (9.25)         &               \\
% $wells_{t}$   & 15.75^{**}     & 13.58^{*}     \\
%                     & (5.55)         & (5.44)        \\
% $wells_{t-1}$   & 10.72          & -4.58         \\
%                     & (6.84)         & (5.69)        \\
% $wells_{t-2}$   & -0.62          & -14.38^{*}    \\
%                     & (7.19)         & (5.96)        \\
% $wells_{t-3}$   & -2.54          & -3.76         \\
%                     & (7.29)         & (6.09)        \\
% $wells_{t-4}$   & 16.61^{*}      & 18.68^{**}    \\
%                     & (7.33)         & (6.15)        \\
% $wells_{t-5}$   & 23.95^{**}     & 10.23         \\
%                     & (7.41)         & (6.24)        \\
% $wells_{t-6}$   & 32.34^{***}    & 10.59^{\cdot} \\
%                     & (7.50)         & (6.28)        \\
% $wells_{t-7}$   & 13.71^{\cdot}  & -15.22^{*}    \\
%                     & (7.55)         & (6.34)        \\
% $wells_{t-8}$   & -8.39          & -25.53^{***}  \\
%                     & (7.56)         & (6.42)        \\
% $wells_{t-9}$   & 3.39           & 8.41          \\
%                     & (7.61)         & (6.44)        \\
% $wells_{t-10}$  & 17.29^{*}      & 18.13^{**}    \\
%                     & (7.68)         & (6.48)        \\
% $wells_{t-11}$  & 4.94           & -8.52         \\
%                     & (7.74)         & (6.55)        \\
% $wells_{t-12}$  & 5.65           & -1.33         \\
%                     & (7.80)         & (6.58)        \\
% $wells_{t-13}$  & -3.27          & -7.73         \\
%                     & (7.91)         & (6.65)        \\
% $wells_{t-14}$  & -14.27^{\cdot} & -14.44^{*}    \\
%                     & (8.02)         & (6.74)        \\
% $wells_{t-15}$  & -20.25^{*}     & -8.15         \\
%                     & (8.12)         & (6.76)        \\
% $wells_{t-16}$  & -4.57          & 12.93^{\cdot} \\
%                     & (8.20)         & (6.81)        \\
% $wells_{t-17}$  & 22.75^{**}     & 24.99^{***}   \\
%                     & (8.21)         & (6.78)        \\
% $wells_{t-18}$  & 26.76^{***}    & 2.63          \\
%                     & (7.89)         & (6.51)        \\
% $wells_{t-19}$  & 13.14^{*}      & -14.30^{*}    \\
%                     & (6.49)         & (6.32)        \\
% $newcap_{t-0}$  & -1.05          & -0.95         \\
%                     & (1.36)         & (1.35)        \\
% $newcap_{t-1}$  & -1.19          & 0.72          \\
%                     & (1.90)         & (1.36)        \\
% $newcap_{t-2}$  & -1.31          & -0.01         \\
%                     & (2.26)         & (1.36)        \\
% $newcap_{t-3}$  & -0.90          & -0.26         \\
%                     & (2.54)         & (1.36)        \\
% $newcap_{t-4}$  & -0.71          & 0.09          \\
%                     & (2.78)         & (1.36)        \\
% $newcap_{t-5}$  & -0.74          & 0.25          \\
%                     & (2.93)         & (1.37)        \\
% $newcap_{t-6}$  & -1.39          & -0.60         \\
%                     & (3.02)         & (1.37)        \\
% $newcap_{t-7}$  & -1.50          & -0.11         \\
%                     & (3.09)         & (1.37)        \\
% $newcap_{t-8}$  & -1.41          & 0.46          \\
%                     & (3.13)         & (1.35)        \\
% $newcap_{t-9}$  & -0.79          & 0.39          \\
%                     & (3.15)         & (1.34)        \\
% $newcap_{t-10}$ & -0.89          & -0.48         \\
%                     & (3.15)         & (1.34)        \\
% $newcap_{t-11}$ & -0.51          & 0.83          \\
%                     & (3.11)         & (1.34)        \\
% $newcap_{t-12}$ & -0.59          & 0.09          \\
%                     & (3.06)         & (1.30)        \\
% $newcap_{t-13}$ & -0.94          & 0.62          \\
%                     & (2.98)         & (1.31)        \\
% $newcap_{t-14}$ & -0.80          & 0.36          \\
%                     & (2.87)         & (1.33)        \\
% $newcap_{t-15}$ & -0.22          & 0.07          \\
%                     & (2.73)         & (1.32)        \\
% $newcap_{t-16}$ & -0.32          & -0.26         \\
%                     & (2.50)         & (1.32)        \\
% $newcap_{t-17}$ & 0.01           & 0.71          \\
%                     & (2.21)         & (1.32)        \\
% $newcap_{t-18}$ & -0.25          & -0.03         \\
%                     & (1.87)         & (1.32)        \\
% $newcap_{t-19}$ & 0.01           & 0.51          \\
%                     & (1.35)         & (1.32)        \\
% $emp_{t-1}$      &                & 0.88^{***}    \\
%                     &                & (0.01)        \\
% $emp_{t-2}$      &                & 0.10^{***}    \\
%                     &                & (0.01)        \\
% \midrule
% R$^2$               & 0.00           & 0.96          \\
% Adj. R$^2$          & 0.00           & 0.94          \\
% Num. obs.           & 28448          & 28702         \\
% \bottomrule
% \vspace{-3mm}\\
% \multicolumn{3}{l}{\textsuperscript{***}$p<0.001$, 
%   \textsuperscript{**}$p<0.01$, 
%   \textsuperscript{*}$p<0.05$, 
%   \textsuperscript{$\cdot$}$p<0.1$}
% \end{longtable}
% \end{center}


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